Government refuses new opportunity to exchange demonetised notes

New Delhi, July 17: The Central government on Monday refused to give another opportunity to exchange demonetised currency notes of Rs 500 and 1,000 to those who couldn’t do it by the deadline of December 31, 2016, saying this would defeat the very objective of eliminating black money.

In an affidavit filed in the Supreme Court, the affidavit, filed by Finance Ministry Under Secretary T. Narasimha said: “The very object of demonetisation and elimination of black money will be defeated if a window is opened for a further period as people in possession of the SBNs (specified bank notes) would have had sufficient time and opportunity to carefully plan the reasons and executed for not depositing the SBNs within the permitted period of December 31, 2016.”

Any number of ‘benami’ transactions and proxy users for the purpose of producing and depositing the old notes would then arise and the departments would have great difficulty in deciding any genuine case from the numerous bogus ones, it said, and sought dismissal of petitions seeking another chance.

The Union Finance Ministry’s stand came in response to the top court asking the Central government on July 4 to consider giving another opportunity to those who couldn’t exchange their demonetised currency notes.